Holy shmoly! (that is a technical financial adviser term by the way so sorry for the jargon) but what a time we are in! Any way in this-fast moving environment we thought we would update you with some more sources of assistance in this chaotic time.
We continue to manage our client’s wealth to build and protect it but there are now more sources of valuable assistance coming into play, driven by legislation and the efforts of the UK Government. It is also amazing to see that politics has now been put aside and all sides are working together to fight this war – amazing considering the polarisation just a few weeks ago. Anyway, here are some more sources of help. Please consider this for you or your family members and spread the word:
- Having spoken with many lenders, the UK Government has now requested that all mortgage companies consider allowing clients to have repayment holidays. But… Having checked with the lenders themselves they are indeed implementing this but their systems are not able to suspend the interest. Therefore, you will not pay any charges or fee’s for taking a “mortgage holiday” but the interest due will still be charged and continue to roll up (adding to your loan). Our advice – only take a holiday if you really need one and remember, most lenders have told us it will not affect your credit score but if you want to move or re-mortgage soon – ask your lender first!
- Debts, if your struggling with debts, (as an ex-Collections Manager for a major credit card company) I can assure you as a “responsible lender”, your lenders will try to help you. Usually, they may remove charges, suspend interest, allow reduced payments and generally open up some breathing space.
- Statutory sick pay will be implemented immediately for anyone self-isolating whereas normally you would need to wait for at least 3 days. There are a number of rules to get it including earnings of £118 per week for example but you will receive £94.25 per week if you qualify. Your employer will pay it and claim it back so speak to them to see what you get.
- There are also small business grants being made available to both small business’s (that were able to claim small business rates relief) and those in high risk industries such as hospitality, catering and leisure. There are also emergency loans being made available, hopefully taking further pressure of your employer (and hopefully this will then filter down).
As a business we are well placed to continue helping our clients (and none clients) throughout this difficult time. If you, any of your family or friends would like to discuss any of the above for free – please ask them to get in touch so we can help everyone build their own Financial Fortress!!